Morning Report


The pair continued to trade positively approaching the retest level of the previously breached neckline at 104.75, where the current bullishness is due to a falling wedge formation shown above, however, trading remains below the aforementioned retest level and the 50 EMA ,thus, we continue to expect a downside intraday move supported by negativity on stochastic. While a breach above 104.75 will push us to reconsider the suggested bearish scenario.

The trading range for the day may be among the 101.70 support and 105.35 resistance.

The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact.

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Weekly Report

RecommendationBased on the charts and explanations above we recommend selling the pair around 104.75 targeting102.65 ,stop loss with four-hour closing above 105.35 may be appropriate